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I flies safe with genuir 1. Sunny Corporation is formed by the incorporation of MP Partnership On June 30, 19X2, the date of corporate formation, the trial balance of MP Partnership shows: Debit Credit Cash P 30,000 Accounts Receivable 90,000 Allowance for bad debts P 7,000 Merchandise Inventory 80,000 Furniture and Equipment 50,000 Accumulated Depreciation 10,000 Accounts Payable 33,000 Mel, Capital 95,000 Pearl, Capital 105,000 P 250,000 P 250,000 To reflect the fair market value of certain assets, the partners agreed to the following adjustments: 1. Allowance for doubtful accounts is to be increased to 10% of accounts receivable. 2 . Inventory is to adjusted to its current market value of P 96,000. The profit and loss sharing ratio between the two partners is 3:2 for Mel and Pearl, respectively. The partners is to receive common shares of the corporation equivalent to the value of the net assets transferred, and in return the same are to be distributed to Mel and Pearl in payment of their shares in the partnership. INSTRUCTIONS: Give the journal entries to record the above transactions in the books of the partnership and the corporation